FINANCIER$

Mortgage Group

“The approval Experts since 1984!”

David & Debbie Bennett

(972) 644-8244

(817) 204-0028

David’s cell (469) 371-0226

Debbie’s cell (469) 371-0227

718 Boling Ranch Road

Azle, Texas 76020

(our mailing address is in Azle,
but we aren’t actually near Azle)

S.A.F.E. Act Compliant • Texas licenses #2014 & 6426
•  NMLS registration #225460 & 234360

AS I mentioned in the video, FIRST go to your own Bank or Credit Union & tell them you are wanting to build/rebuild your credit & ask how they can help you.

Many times they will offer you something special to keep you as a customer.

If you're a credit union member, ask about a secured card there. About half of the nation's credit unions offer secured cards to their members and may offer lower interest rates and waive annual fees.

Read more: 10 questions before getting a secured credit card http://www.bankrate.com/finance/credit-cards/10-questions-before-getting-a-secured-credit-card-1.aspx#ixzz1xniiHPgy

The BEST secured card is a moving target

What’s good today is off the market tomorrow. Keep in mind that you won’t be keeping a secured card forever, maybe as little as 6 months to a year, so look at them as a means to an end.  Once your score begins to rise you’ll begin to get credit card offers in the mail. At that time you’ll be able to ditch the secured card and get a regular card.

Once you are able to purchase a home then your scores will rise even more.  Owning a home gives you a boost in credit scores all by itself. Once you have a good mortgage history that will cause your scores to rise again.

Here list of credit cards mentioned in the video

Stay away from all things Capital One! Just Google “Capital One Complaints” if you don’t believe me. Capital One does the most extensive advertising, but they’ve been called the “Worst Lender on the Planet”  You have  been warned.

USAA:   LINK

When you open USAA's secured credit card and make a minimum deposit of $250 to secure the account, USAA will automatically open a 2-year CD for you, where you can earn about 1% interest on your deposit.

Because of this opportunity to earn some interest, along with the card's low APR and $35 annual fee, the USAA Secured Credit Card is a great option for consumers who want to rebuild their credit but don't qualify for a traditional credit card.

Navy Federal Credit Union:  LINK 

Any active or former military member -- or relative of one (USAA too) -- that has bad credit should take a look Navy Federal Credit Union's secured card.

The card boasts a low APR, a rate normally only offered to consumers with excellent credit.

In addition to the low rate, there's no annual fee and a reward program that lets customers earn points for every dollar they spend. Those points can later be redeemed for merchandise or gift cards.

After 12 months of good behavior using the card, cardholders can get switched to an unsecured card

DIGITAL CREDIT UNION:  LINK

Make a small donation to a nonprofit, and you can get one of the best secured cards on the market.

Digital Federal Credit Union's secured card charges no annual fee, a rarity among secured cards. It also carries a fairly reasonable APR.

Anyone who is a member of one of the credit union's more than 700 participating companies and non-profit organizations is eligible for the card.

THESE FIRST 3 CARDS OFFER SIGNIFICANTLY BETTER TERMS & CONDITIONS THAN MOST SECURED CARDS.  TRY TO GET ONE OF THEM BEFORE YOU GO TO THE PEOPLE FURTHER DOWN THE LIST.

Check back periodically & I’ll try to update this list.

CITI: 

One small warning, in the past we’ve found Citi (anything) to be 2nd only to Capital One in problems.  They are a distant 2nd, but still 2nd.

It seems that the weblink to Cit’s secured cards is MIA. Maybe they have quit doing secured cards.  As I said before, Citi has been problematic for all types of products in the past.  I’m going to give you the latest information I had and just tell you that if you can get another card, then you probably should.

So let’s replace it with another new one:

WELLS FARGO:  LINK

Presently they have a high APR and a $25 annual fee.

U.S. BANK:  LINK 

Very high APR & $35 annual fee.

ORCHARD BANK:  “DANGER WILL ROBINSON!” (OK that proves I’m old enough to remember the TV series “LOST IN SPACE”)

Orchard Bank has just joined the CAPITAL ONE family. So RUN from them!

HIGH COST LENDERS OF LAST RESORT

If you can’t get a card anyplace else then go here. But only use them for 6 months or a year when you’ll be able to get a more reputable card and then cancel the high cost card.  Be careful that you cancel in writing and pay any fees they charge you for canceling. A collection for $5 will destroy all the credit you’ve worked to build.

FIRST PREMIER:   LINK

They are the “Second Chance” people. They charge more than $200 in fees per year and comes with a 36% APR, BUT they’ll give you a card when no one else will. 

APPLIED BANK:

Their reviews seem to be slightly better than Premier and way better than Capital One. Just like First Premier they will give you a card when no one else will.